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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Assets and liabilities measured on recurring basis measured at fair value

The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2017 and 2016.

	At December 31, 2017
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	289,989,000			$	—			$	289,989,000
State and political subdivisions	—				6,769,000				—				6,769,000
Other equity securities	—				3,414,000				—				3,414,000
Total securities available for sale	$	—			$	300,172,000			$	—			$	300,172,000
Interest rate swap agreements	$	—			$	1,955,000			$	—			$	1,955,000
Total assets	$	—			$	302,127,000			$	—			$	302,127,000

	At December 31, 2016
	Level 1				Level 2				Level 3				Total
Securities available for sale
Mortgage-backed securities	$	—			$	280,604,000			$	—			$	280,604,000
State and political subdivisions	—				16,482,000				—				16,482,000
Other equity securities	—				3,330,000				—				3,330,000
Total securities available for sale	$	—			$	300,416,000			$	—			$	300,416,000
Interest rate swap agreements	$	—			$	1,790,000			$	—			$	1,790,000
Total assets	$	—			$	302,206,000			$	—			$	302,206,000

Assets and liabilities measured on non-recurring basis measured at fair value

The following tables present assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Other real estate owned is presented net of an allowance for losses of $53,000 and $205,000 at December 31, 2017 and 2016, respectively. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of $1,531,000 and $478,000 at December 31, 2017 and 2016, respectively.

	At December 31, 2017
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	1,012,000			$	—			$	1,012,000
Impaired loans	—				6,521,000				—				6,521,000
Total assets	$	—			$	7,533,000			$	—			$	7,533,000

	At December 31, 2016
	Level 1				Level 2				Level 3				Total
Other real estate owned	$	—			$	375,000			$	—			$	375,000
Impaired loans	—				827,000				—				827,000
Total assets	$	—			$	1,202,000			$	—			$	1,202,000

Estimated fair value of financial instruments

The carrying amounts and estimated fair values for financial instruments as of December 31, 2017 were as follows:

	Carrying				Estimated
As of December 31, 2017	value				fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	19,207,000			$	19,207,000			$	19,207,000			$	—			$	—
Interest-bearing deposits in other banks	860,000				860,000				860,000				—				—
Securities available for sale	300,172,000				300,172,000				—				300,172,000				—
Securities to be held to maturity	256,567,000				259,655,000				—				259,655,000				—
Restricted equity securities	10,358,000				10,358,000				—				10,358,000				—
Loans held for sale	386,000				386,000				—				386,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	319,691,000				311,321,000				—				72,000				311,249,000
Construction	37,594,000				36,610,000				—				—				36,610,000
Other	177,956,000				175,455,000				—				6,018,000				169,437,000
Municipal	33,370,000				33,280,000				—				—				33,280,000
Residential
Term	431,459,000				431,028,000				—				391,000				430,637,000
Construction	17,830,000				17,613,000				—				—				17,613,000
Home equity line of credit	110,566,000				109,012,000				—				40,000				108,972,000
Consumer	24,944,000				24,408,000				—				—				24,408,000
Total loans	1,153,410,000				1,138,727,000				—				6,521,000				1,132,206,000
Mortgage servicing rights	1,268,000				2,321,000				—				2,321,000				—
Interest rate swap agreements	1,955,000				1,955,000				—				1,955,000				—
Accrued interest receivable	5,867,000				5,867,000				—				5,867,000				—
Financial liabilities
Demand deposits	$	181,970,000			$	174,481,000			$	—			$	174,481,000			$	—
NOW deposits	281,405,000				261,702,000				—				261,702,000				—
Money market deposits	163,898,000				153,497,000				—				153,497,000				—
Savings deposits	232,605,000				203,799,000				—				203,799,000				—
Local certificates of deposit	223,074,000				220,734,000				—				220,734,000				—
National certificates of deposit	335,927,000				335,775,000				—				335,775,000				—
Total deposits	1,418,879,000				1,349,988,000				—				1,349,988,000				—
Repurchase agreements	70,564,000				67,976,000				—				67,976,000				—
Federal Home Loan Bank advances	158,194,000				156,396,000				—				156,396,000				—
Total borrowed funds	228,758,000				224,372,000				—				224,372,000				—
Accrued interest payable	642,000				642,000				—				642,000				—

The carrying amounts and estimated fair values for financial instruments as of December 31, 2016 were as follows:

	Carrying				Estimated
As of December 31, 2016	value				fair value				Level 1				Level 2				Level 3
Financial assets
Cash and cash equivalents	$	17,366,000			$	17,366,000			$	17,366,000			$	—			$	—
Interest-bearing deposits in other banks	293,000				293,000				293,000				—				—
Securities available for sale	300,416,000				300,416,000				—				300,416,000				—
Securities to be held to maturity	226,828,000				225,537,000				—				225,537,000				—
Restricted equity securities	11,930,000				11,930,000				—				11,930,000				—
Loans held for sale	782,000				782,000				—				782,000				—
Loans (net of allowance for loan losses)
Commercial
Real estate	297,952,000				293,103,000				—				558,000				292,545,000
Construction	24,954,000				24,548,000				—				—				24,548,000
Other	148,737,000				147,394,000				—				33,000				147,361,000
Municipal	27,035,000				27,446,000				—				—				27,446,000
Residential
Term	409,999,000				410,327,000				—				236,000				410,091,000
Construction	18,253,000				18,125,000				—				—				18,125,000
Home equity line of credit	109,986,000				108,740,000				—				—				108,740,000
Consumer	24,472,000				24,131,000				—				—				24,131,000
Total loans	1,061,388,000				1,053,814,000				—				827,000				1,052,987,000
Mortgage servicing rights	1,113,000				1,696,000				—				1,696,000				—
Interest rate swap agreements	1,790,000				1,790,000				—				1,790,000				—
Accrued interest receivable	5,532,000				5,532,000				—				5,532,000				—
Financial liabilities
Demand deposits	$	140,482,000			$	133,342,000			$	—			$	133,342,000			$	—
NOW deposits	282,971,000				259,418,000				—				259,418,000				—
Money market deposits	125,544,000				115,087,000				—				115,087,000				—
Savings deposits	217,340,000				188,260,000				—				188,260,000				—
Local certificates of deposit	210,316,000				209,370,000				—				209,370,000				—
National certificates of deposit	266,304,000				266,372,000				—				266,372,000				—
Total deposits	1,242,957,000				1,171,849,000				—				1,171,849,000				—
Repurchase agreements	84,174,000				79,827,000				—				79,827,000				—
Federal Home Loan Bank advances	194,727,000				193,733,000				—				193,733,000				—
Total borrowed funds	278,901,000				273,560,000				—				273,560,000				—
Accrued interest payable	479,000				479,000				—				479,000				—

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Publisher FASB
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-Topic 820
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